GOLD:Riding the Bearish Wave on XAU/USD
Updated
The price of GOLD appears to have entered a bearish channel, exhibiting a downward trend. In the recent hours, there was a pullback observed around the 61.8% Fibonacci retracement level from the previous swing. Based on this development, our trading idea is to capitalize on the ongoing bearish momentum and consider taking a bearish position on GOLD with a target set at 1940.00. By leveraging the current market conditions and technical analysis, we aim to exploit the downward movement and potentially profit from this anticipated price decline.
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